Facebook’s court win could end up leading to trouble for tech giants
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July 5, 2021 10.00am
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A court ruling in the US last week might appear to be a blow to anti-trust reformers’ desire to rein in and break up the power of Big Tech. Instead it might presage a far graver threat to the likes of Facebook, Google, Amazon and Apple.
While the federal court judgment dismissed the lawsuits brought against Facebook by the Federal Trade Commission and more than 40 states, in the process it provided ammunition to the Big Tech critics who argue that current anti-trust laws aren’t capable of containing a sector they never envisaged.
RBI warns against allowing Big Tech firms into financial services
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Entry of Big Tech firms Apple, Amazon, Google, Facebook and Microsoft into financial services could present challenges in maintaining adequate stability and governance of the ecosystem, RBI says in its biannual Financial Stability Report.
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RBI’s warning comes at a time when the Indian government has been embroiled in a tussle with Big Tech firms over compliance with India IT rules.
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Mumbai: Entry of the so-called Big Tech companies in financial services in emerging markets such as India could present challenges to regulators towards maintaining adequate stability and governance of the ecosystem, the Reserve Bank of India said on Thursday.
India’s central bank warned about the growing presence of technology giants in the country’s digital financial services and payment systems which could pose a financial stability risk. In its semi-annual financial stability report, the Reserve Bank of India flagged concerns over what it called ‘Big Techs,’ saying they have the potential to become dominant players in financial services that risks them becoming “too-big-to-fail.” “Specifically, concerns have intensified around a level playing field with banks, operational risk, too-big-to-fail issues, challenges for antitrust rules, cyber security and data privacy,” the RBI said in the report Thursday. While the report does not specify companies or countries, India has seen massive interest from deep pocketed global technology players in recent years. Amazon.com Inc. and Alphabet Inc. are among firms pouring billions of dollars into building payments ecosystems, linking retail networks of thousands of mom and pop
Suvashree Ghosh, Bloomberg News An auto rickshaw and other motorists travel along a road in Chennai, India, on Thursday, July 1, 2021. India is geared to tackle a possible new wave of Covid-19 infections, according to the country s largest private health care chain which added medical equipment, acquired hotel rooms and trained its staff amid the deadly second wave that swamped country s hospitals and crematoriums. Photographer: Dhiraj Singh/Bloomberg , Bloomberg
(Bloomberg) Indiaâs central bank warned about the growing presence of technology giants in the countryâs digital financial services and payment systems which could pose a financial stability risk.
In its semi-annual financial stability report, the Reserve Bank of India flagged concerns over what it called âBig Techs,â saying they have the potential to become dominant players in financial services that risks them becoming âtoo-big-to-fail.â
RBI warns against allowing Big Tech firms into financial services indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.